Clarkfield, Minnesota Property Taxes
The median property tax rate in Clarkfield, MN is 0.53%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clarkfield at $330,900, the typical annual property tax bill reaches $3,014, exceeding the national median of $2,690. Property taxes in Clarkfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Clarkfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Clarkfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clarkfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,754
Ownwell’s Clarkfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clarkfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarkfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Clarkfield, Minnesota
Property taxes in Clarkfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarkfield is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Clarkfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarkfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Clarkfield's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56223 has the highest median property tax rate of 0.53%, while the lowest median tax rate also stands at 0.53% in the same zip code. Understanding how these figures compare with Clarkfield provides valuable insights into the varying tax landscape across Lac qui Parle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clarkfield Tax Rate
0.53%
Average Lac Qui Parle County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarkfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56223 | 0.52% | 0.53% | 0.53% | 0.72% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Clarkfield, Minnesota
In Clarkfield, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lac qui Parle County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Clarkfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Clarkfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both reported at $3,014 in the 56223 zip code.
Average Clarkfield Assessed Value
$330,900
Average Lac Qui Parle County Assessed Value
$124,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clarkfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56223 | $234,020 | $270,350 | $330,900 | $739,700 | $984,980 |
Source: Ownwell
Property Tax Bills Across Clarkfield, Minnesota
Property tax bills in Clarkfield, located in Lac qui Parle County, MN, are calculated based on a combination of the assessed value of the property and the local tax rate. Homeowners in Clarkfield face a median property tax rate that typically aligns with or slightly exceeds the national median of 0.99%. The tax bill amount can vary widely depending on the property's assessed value and specific local levies. For instance, with a median home price of $330,900, homeowners can expect a range of tax bills. The 25th percentile tax bill is approximately $2,053, while the 75th percentile tax bill can go up to $4,579. At the higher end, the 90th percentile tax bill reaches around $5,518. The highest and lowest median tax bills in the 56223 ZIP code are both $3,014. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. The variability in tax bills means that homeowners need to be aware of how changes in property values and local tax rates can affect their annual tax obligations.
Average Clarkfield Tax Bill
$3,014
Average Lac Qui Parle County Tax Bill
$1,448
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarkfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56223 | $1,476 | $2,053 | $3,014 | $4,579 | $5,518 |
Source: Ownwell